§ 20-694 – Stay of proceedings; reopening default judgments
20-694. Stay of proceedings; reopening default judgments A. All proceedings in which the impaired insurer or insolvent insurer or the impaired insurer’s or insolvent insurer’s insured is a party in any court in this state shall be stayed sixty days from the date an order of liquidation, rehabilitation or conservation is final to permit proper […]
§ 20-695 – Statute of limitations
20-695. Statute of limitations With respect to the handling of claims pursuant to section 20-687 the board may by resolution provide that claims not filed within four months from the date of notice to creditors shall be barred.
§ 20-682 – Coverage; limitations
20-682. Coverage; limitations A. This article provides coverage for the policies and contracts specified in subsection B of this section to: 1. A person who, regardless of the state where the person resides, is a beneficiary, assignee or payee, including health care providers rendering services covered under the health insurance policies or certificates, of a […]
§ 20-683 – Life and disability insurance guaranty fund
20-683. Life and disability insurance guaranty fund A. The life and disability insurance guaranty fund is established in the department. The fund shall be deposited in a depository designated by the director. All member insurers shall be members of the fund as a condition of their authority to transact insurance or a health care services […]
§ 20-684 – Life and disability insurance guaranty fund board; composition; compensation
20-684. Life and disability insurance guaranty fund board; composition; compensation A. Subject to the powers of the director, the life and disability insurance guaranty fund shall be administered by a board of eleven members. Each member of the board shall serve for a term of three years. Of the members first appointed, three shall serve […]
§ 20-685 – Powers and duties of the fund
20-685. Powers and duties of the fund A. If a member insurer is an impaired insurer, the fund, subject to any conditions imposed by the fund that do not impair the contractual obligations of the impaired insurer, with the approval of the director, may: 1. Guarantee, assume, reissue or reinsure, or cause to be guaranteed, […]
§ 20-686 – Assessments
20-686. Assessments A. For the purpose of providing the funds necessary to carry out the powers and duties of the fund, the fund shall assess the member insurers, separately for each account, at such times and for such amounts as the fund finds necessary. The member insurers shall be required to pay the assessments within […]
§ 20-687 – Plan of operation
20-687. Plan of operation A. The board shall submit to the director a plan of operation and any amendments necessary to assure the fair, reasonable and equitable administration of the fund. The plan of operation and any amendments shall become effective on approval in writing by the director. If the board fails to submit a […]
§ 20-688 – Duties and powers of the director
20-688. Duties and powers of the director A. In addition to all other duties and powers enumerated in this article, the director shall: 1. Notify the board of directors of the existence of an impaired insurer or insolvent insurer not later than three days after a determination of impairment or insolvency or the director receives […]
§ 20-689 – Prevention of impairments
20-689. Prevention of impairments To aid in the detection and prevention of member insurer impairments and insolvencies: 1. The board of directors, on majority vote, shall notify the director of any information indicating that any member insurer may be unable or potentially unable to fulfill its contractual obligations. 2. The board of directors, on majority […]